NSN Link Gets USD 519 Mln Financing

Photo: ABB

SACE and SIMEST (CassaDepositi e Prestiti Group), and BNP Paribas Corporate & Institutional Banking (CIB) have finalized the export financing of USD 519 million for National Grid North America in support of the works and supply orders awarded to Prysmian as part of the North Sea Link (NSN Link) project.

The NSN Link project, which has a total value of EUR 2 billion, involves the construction of a subsea interconnector with a capacity of 1,400 MW between the United Kingdom and Norway. Once completed, it will extend over 730 kilometers.

The credit facility, provided by BNP Paribas CIB (sole structuring bank and agent) and a pool of international banks, is backed by the participation of the two companies that together form the Italian export and internationalization hub of CassaDepositi e Prestiti Group.

The transaction contributes to the completion of an infrastructure project of strategic importance to the United Kingdom and Norway, which will improve the efficiency of the two countries’ power generation systems and transmission networks, thus increasing their energy security and contributing to the achievement of national emissions targets (COP21).